By: Mahmoud Gamal
Abu Dhabi – Mubasher: the UAE markets desperately need for the injection of new liquidity on Tuesday, to be able to break through the levels of resistance in which they currently stand, amid the decline of oil and the divergence of global market.
The current liquidity is speculating and not investing for the shares to reach attractive levels of purchase and targeting portfolios to enhance the annual closures, technical analyst, Mohamed Al Shemary, told Mubasher.
Foreign investors along with some portfolios tend to increase positions, despite the decline witnesses on Monday, till the actual announcement of the half annual results, technical analyst, Wael Muhaisen, told Mubasher.
He added that oil retreat is negatively affecting the UAE markets, especially Abu Dhabi Exchange. Low liquidity makes it hard to technically predict a specific trend for the markets, noting that the general trend is "horizontal."
Technical analyst, Hamod Al Azemy, told Mubasher that Dubai Financial Market's main index technically indicates continuing in a horizontal performance and approaching the level of 3,570 points, while ADX may target 4m520 points in today's session.
Translated by: Sara Ghali
